ATO issues alert on rising investment schemes targeting super
The ATO is seeing an increase in the number of Australians being targeted by super schemes and falling victim to identity theft leading to stolen superannuation.
In a recent update, the ATO said it has been seeing an increase in the number of Australians being targeted by investment schemes. Sometimes people will pose as financial advisers or superannuation experts promising to deliver higher returns and encouraging people to invest in fake schemes, risking their retirement savings.
“Depending on the information you provide, this could also open the door for fraudsters to use the information they have collected to access your superannuation accounts,” the ATO warned.
“It is important to protect your identity and account details to ultimately protect your superannuation.”
The ATO noted that to better protect members’ identity and super, funds will need to make sure that personal and super fund details are up to date.
“Be cautious of what you share — don’t give out TFN, date of birth, bank or super details unless you trust the person you’re dealing with and they require these details. Furthermore, visit ASIC’s website to check if the person you are dealing with is a licensed professional,” the ATO said.
The ATO also reminded that funds shouldn’t ignore ATO-issued SMS or email alerts.
“If you are in a self-managed super fund (SMSF) and you receive an alert from the ATO about changes to your SMSF that you are unaware of, phone us immediately on the Superannuation Infoline 13 10 20. We can place protective measures on your ATO account if required.” the ATO explained.
“If your super is managed by an APRA fund and you receive an alert from the ATO about changes made to your SMSF, but you have not authorised for an SMSF to be established, you should immediately contact us on the Superannuation Infoline 13 10 20 and also call your APRA fund and advise them of the suspect transaction.
“You can also request a secret password to be placed on your account with instructions your super is not to be released without that password.
“The ATO will always try to assist you with your superannuation and tax affairs. If you suspect you have been a target of identity theft or a scam, the best approach is for us to work together to have protective measures put in place in order to keep your tax and superannuation safe and secure.”
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
